K2 PRINCIPAL FUND, L.P.

PrivateCIK: 1461790

Location

TORONTO, A6

462

Positions

$1.36B

Total AUM (reported)

59.58M

Total Shares

Allocation by class

COM$133.66M9.8%

GOLD SHS$89.44M6.6%

CL A$34.60M2.5%

NOTE 6/1$32.66M2.4%

ORD SHS CL A$32.57M2.4%

NOTE 3/0$31.80M2.3%

COM CL A$28.42M2.1%

Portfolio Concentration

Top 3$140.73M10.3%

4–10$118.66M8.7%

11–25$196.95M14.4%

Rest$908.56M66.6%

Top 3 weight

10.3%

Top 10 weight

19.0%

Voting Authority Distribution

Total shares with voting rights: 59.58M

Sole

Full voting authority

59.58M

% of voting shares100.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole462

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings462

Rows:

SPDR GOLD TR

SOLE

GOLD SHS

Shares242.78K

TypeSH

Market value$89.44M

6.55%

Sole

242.78K

Shared

0.00

None

0.00

ALLIED GOLD

SOLE

8.750 09/07/28 '27 CVT

Shares15.97K

TypePRN

Market value$26.18M

1.92%

Sole

15.97K

Shared

0.00

None

0.00

VANECK ETF TRUST

SOLE

JUNIOR GOLD MINE

Shares255.60K

TypeSH

Market value$25.11M

1.84%

Sole

255.60K

Shared

0.00

None

0.00

STATE STR SPDR SP 500 ETF T

SOLE

TR UNIT

Shares26.80K

TypeSH

Market value$20.01M

1.47%

Sole

26.80K

Shared

0.00

None

0.00

PAR TECHNOLOGY CORP

SOLE

4.000 03/15/31 CVT

Shares13.90K

TypePRN

Market value$17.06M

1.25%

Sole

13.90K

Shared

0.00

None

0.00

AVNET

SOLE

1.750 09/01/30 CVT PUT

Shares12K

TypePRN

Market value$16.80M

1.23%

Sole

12K

Shared

0.00

None

0.00

AST SPACEMOBILE INC

SOLE

2.375 10/15/32 CVT

Shares10.50K

TypePRN

Market value$16.74M

1.23%

Sole

10.50K

Shared

0.00

None

0.00

CLOUDFLARE INC

SOLE

NOTE 6/1

Shares13K

TypePRN

Market value$16.49M

1.21%

Sole

13K

Shared

0.00

None

0.00

GLOBAL X FDS

SOLE

GLOBAL X COPPER

Shares210K

TypeSH

Market value$16.16M

1.18%

Sole

210K

Shared

0.00

None

0.00

STRATEGY INC

SOLE

NOTE 0.625 9/1

Shares15K

TypePRN

Market value$15.40M

1.13%

Sole

15K

Shared

0.00

None

0.00

ABIVAX SA

SOLE

ON SEMICONDUCTOR CORP

SOLE

NOTE 0.500 3/0

Shares12K

TypePRN

Market value$14.49M

1.06%

Sole

12K

Shared

0.00

None

0.00

WAYFAIR INC

SOLE

NOTE 3.250 9/1

Shares9.35K

TypePRN

Market value$14.28M

1.05%

Sole

9.35K

Shared

0.00

None

0.00

GAMESTOP CORP

SOLE

NOTE 4/0

Shares14K

TypePRN

Market value$14.25M

1.04%

Sole

14K

Shared

0.00

None

0.00

PENNYMAC FINL SVCS INC NEW

SOLE

COM

Shares159.77K

TypeSH

Market value$13.92M

1.02%

Sole

159.77K

Shared

0.00

None

0.00

GOLAR LNG LTD

SOLE

2.750 12/15/30 CVT

Shares12K

TypePRN

Market value$13.74M

1.01%

Sole

12K

Shared

0.00

None

0.00

ISHARES SILVER TR

SOLE

ISHARES

Shares254.50K

TypeSH

Market value$13.61M

1.00%

Sole

254.50K

Shared

0.00

None

0.00

SOLARIS ENERGY INFRAS INC

SOLE

NOTE 0.25010/0

Shares8K

TypePRN

Market value$12.95M

0.95%

Sole

Shared

0.00

None

0.00

MARA HOLDINGS INC

SOLE

NOTE 3/0

Shares12.50K

TypePRN

Market value$12.56M

0.92%

Sole

12.50K

Shared

0.00

None

0.00

I-80 GOLD CORP

SOLE

3.750 04/15/31 CVT

Shares11K

TypePRN

Market value$12.25M

0.90%

Sole

11K

Shared

0.00

None

0.00

RUBRIK INC.

SOLE

NOTE 6/1

Shares12K

TypePRN

Market value$12.24M

0.90%

Sole

12K

Shared

0.00

None

0.00

DROPBOX INC

SOLE

NOTE 3/0

Shares12K

TypePRN

Market value$12.13M

0.89%

Sole

12K

Shared

0.00

None

0.00

VIRGIN GALATIC HOLDINGS

SOLE

2.500 02/01/27 CVT

Shares12.50K

TypePRN

Market value$12.00M

0.88%

Sole

12.50K

Shared

0.00

None

0.00

LUCID GROUP INC

SOLE

1.250 12/15/26 CVT

Shares12.50K

TypePRN

Market value$12.00M

0.88%

Sole

12.50K

Shared

0.00

None

0.00

COREWEAVE INC

SOLE

1.750 12/01/31 CVT

Shares10K

TypePRN

Market value$11.95M

0.88%

Sole

10K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
SPDR GOLD TRSOLE	GOLD SHS	242.78K	SH	$89.44M 6.55%	242.78K
ALLIED GOLDSOLE	8.750 09/07/28 '27 CVT	15.97K	PRN	$26.18M 1.92%	15.97K
VANECK ETF TRUSTSOLE	JUNIOR GOLD MINE	255.60K	SH	$25.11M 1.84%	255.60K
STATE STR SPDR SP 500 ETF TSOLE	TR UNIT	26.80K	SH	$20.01M 1.47%	26.80K
PAR TECHNOLOGY CORPSOLE	4.000 03/15/31 CVT	13.90K	PRN	$17.06M 1.25%	13.90K
AVNETSOLE	1.750 09/01/30 CVT PUT	12K	PRN	$16.80M 1.23%	12K
AST SPACEMOBILE INCSOLE	2.375 10/15/32 CVT	10.50K	PRN	$16.74M 1.23%	10.50K
CLOUDFLARE INCSOLE	NOTE 6/1	13K	PRN	$16.49M 1.21%	13K
GLOBAL X FDSSOLE	GLOBAL X COPPER	210K	SH	$16.16M 1.18%	210K
STRATEGY INCSOLE	NOTE 0.625 9/1	15K	PRN	$15.40M 1.13%	15K
ABIVAX SASOLE	SPONSORED ADS	109.50K	SH	$14.59M 1.07%	109.50K
ON SEMICONDUCTOR CORPSOLE	NOTE 0.500 3/0	12K	PRN	$14.49M 1.06%	12K
WAYFAIR INCSOLE	NOTE 3.250 9/1	9.35K	PRN	$14.28M 1.05%	9.35K
GAMESTOP CORPSOLE	NOTE 4/0	14K	PRN	$14.25M 1.04%	14K
PENNYMAC FINL SVCS INC NEWSOLE	COM	159.77K	SH	$13.92M 1.02%	159.77K
GOLAR LNG LTDSOLE	2.750 12/15/30 CVT	12K	PRN	$13.74M 1.01%	12K
ISHARES SILVER TRSOLE	ISHARES	254.50K	SH	$13.61M 1.00%	254.50K
SOLARIS ENERGY INFRAS INCSOLE	NOTE 0.25010/0	8K	PRN	$12.95M 0.95%	8K
MARA HOLDINGS INCSOLE	NOTE 3/0	12.50K	PRN	$12.56M 0.92%	12.50K
I-80 GOLD CORPSOLE	3.750 04/15/31 CVT	11K	PRN	$12.25M 0.90%	11K
RUBRIK INC.SOLE	NOTE 6/1	12K	PRN	$12.24M 0.90%	12K
DROPBOX INCSOLE	NOTE 3/0	12K	PRN	$12.13M 0.89%	12K
VIRGIN GALATIC HOLDINGSSOLE	2.500 02/01/27 CVT	12.50K	PRN	$12.00M 0.88%	12.50K
LUCID GROUP INCSOLE	1.250 12/15/26 CVT	12.50K	PRN	$12.00M 0.88%	12.50K
COREWEAVE INCSOLE	1.750 12/01/31 CVT	10K	PRN	$11.95M 0.88%	10K

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